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Gupta's company Sanctum Wealth Management will take over the RBS private banking unit's onshore clients and staff, the bank said in a statement. Sanctum plans to retain all branch networks currently operated by RBS private banking in India, it said.

The CDR mechanism was created in early 2000 to help distressed corporates with a loan exposure of over Rs 10 crore. If a CDR fails, the asset is classified as an NPA. Today, many corporates are going down despite huge debt restructuring packages.